So what are the key risks of interest rate swaps? Well, first of all, of course, you have the interest rate risk or the market risk. Of course, both parties are exposed to movement in interest rates and could either gain or benefit from changes in rates. So of course, the payer of fixed would benefit if rates go up. Well, of course, the receiver of fixed, benefits if rates drop. The second type of risk is counterparty risk. A counterparty which has benefited from the movements in interest rates, will of course be exposed to the credit worthiness of the counterparty. So in essence, it doesn't matter if someone owes us money unless they can also pay, of course. How do we manage all this? Well, the first alternative is of course to do business only with very safe counterparts, or to require some type of collateral to be posted on market-to-market changes in the contract.